Foxconn’s revenue begins to recover from COVID-19 shutdown

Major Apple supplier Foxconn’s revenue appear to be recovering broadly in line with the company’s forecast, following the COVID-19 shutdown.

Foxconn previously saw its first-quarter revenues down almost 90% compared to last year, because of the coronavirus. Its new second-quarter revenues are also lower year-over-year, but have significantly improved.

Earlier this month, Foxconn said in a filing to Taipei stock exchange that the company’s customs clearance for cargo logistics in India had been resolved and all local regulatory procedures had been brought into compliance.

The logo of electronics contract manufacturer Foxconn Technology Group, formally known as Hon Hai Precision Industry, is displayed at its headquarters in Taipei. Photo: Agence France-Presse
The logo of electronics contract manufacturer Foxconn Technology Group, formally known as Hon Hai Precision Industry, is displayed at its headquarters in Taipei. Photo: Agence France-Presse

William Gallagher for AppleInsider:

According to Digitimes, Foxconn or its parent company Hon Hai Precision Industry, has reported an overall second quarter revenue of NT$1.128 trillion, or approximately $37.6 billion. That’s a drop of 9.08% since the same period in 2019.

For the year to date, Foxconn’s overall revenues were approximately $69 billion, which is a decline of 7.16% compared to January-June 2019.

When the first quarter 90% drop was reported, Foxconn said in a statement that it expected double-digit growth from the first to the second quarter. “Hon Hai will stabilize in the second quarter,” it said.

MacDailyNews Take: Good news for Foxconn is good news for Apple!

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